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Actionable Intelligence Enabled

INSURANCE ANALYTICSHEXAWARE’S E-BOOK ON

NA Headquarters

1095 Cranbury South River Road,Suite 10, Jamesburn, NJ 08831Main: 609-409-6950, Fax: 609-409-6910

INDIA Headquarters

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EU Headquarters

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APAC Headquarters

180 Cecil Street, #09-03, Bangkok Bank Building, Singapore 069546Tel.: +65-63253020

Hexaware is a leading global provider of IT and BPO services. The company has achieved leadership position in domains such as Banking, Financial Services, Insurance, Transporta-tion, Logistics and HR-IT solutions, Hexaware focuses on delivering business results lever-aging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Independent Testing and Legacy Modernization.

Hexaware has been providing business technology solutions for over 18 years and o�ers world class service delivery, technology leadership and skilled human capital.

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1. What is Insurance Analytics? Is there a need?

2. What is the architecture behind Insurance Analytics?

3. What went into designing the data model for Insurance Analytics?

4. What is ACORD? Explain the framework.

5. What is an Insurance Capability Model? How is it bene�cial?

6. Does Insurance Analytics pack have a Predictive Analytics edge to it?

7. Mobile BI - Insurance Analytics, is it there yet?

8. All this information sounds too good to be true. Can I access this application right now to get a feel for its functionality?

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Insurance industry is faced with tough challenges in the form of increased compe-tition, demanding customer base, ageing population, growing regulatory scrutiny, rising healthcare costs, increased frauds, managing distribution channels, attract-ing and retaining customers. To overcome the challenges and gain strategic advantage, Insurance companies need to manage insured’s and claimant’s data across all their product lines, understand the complex hierarchies and consolidate data from multiple systems so as to derive meaningful insights on their products, accounts and claims data.

Hexaware’s Insurance Analytics provides a comprehensive data model and busi-ness focused semantic layer along with the adoption of ACORD standards and model.

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Hexaware’s expertise in providing high-end insurance analytical solutions is based on a sound understanding of the KPIs used to measure the performance of life, general and specialty insurance businesses. Our Insurance analytics jumpstart kit covers key metrics and dimensions of channel performance, sales growth, claims processing and underwriting and helps your managers quickly zero in on opera-tional ine�ciencies and remove process bottlenecks. Our intuitive charting of health indicators patterns in combined ratios, lapse ratios, channel persistency, underwriting e�ciency, campaign e�ectiveness, claims TAT etc. foster quick acceptance and adoption by the user community. This in turn facilitates fast rollouts and early returns on your investment in insurance business Intelligence frameworks.

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What is the architecture behind Insurance Analytics? What is Insurance Analytics? Is there a need?1 2

Data can be read from a wide variety of data sources. Using the mapping tools available in the market they can be held in a central repository. We also realize that analytics derives its strength from clean and consistent data and from business intelligence frameworks that protects consistency. The analytical solutions can be deployed easily on various Business Intelligence tool.

TRANSACTIONAPPLICATION

DATABASE

EXTRACTIONTRANSFORMATION

AND LOAD

BI REPORTINGPLATFORM

ERP

Mainframe

Custom Apps

Informatica

IBM Data Stage

Oracle DI

MS SSIS

SAP BODS

SQL Procs

Oracle

SQL Server

Teradata

Greenplum

Netezza

DB2

Sybase

Oracle BI

Oracle Hyperion

SAP BO

IBM COgnos

MS SSRS/SSAS

MicroStrategy

SAS

Data warehouse Canned Reports

Ad-hoc querying

Visually enrichedreports/dashboards

What went into designing the data model for Insurance Analytics?

Hexaware’s Insurance Analytics data model is a star-schema dimensional model, closely following the Kimball approach for data warehousing. The Insurance data model covers the entire insurance business domain. These domains include from Marketing to Underwriting Claims and Policy Administra-tion.

What is ACORD? Explain the framework.

Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonpro�t insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related �nancial services industries. With o�ces in London as well, ACORD accom-plishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD Standards and services improve e�ciency and expand market reach. A�liated with ACORD are hundreds of insur-ance and reinsurance companies and thousands of agents and brokers, related �nancial services organizations, solution providers, and industry organizations worldwide.

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• The model is designed in a way to deliver quick results.• Indexing and creation of fact tables & hierarchies have ensured quick querying capabilities. • Also taken into consideration are the ACORD standards.

ACORD's most widely known accomplishment is the publication and maintenance of a huge library of standardized forms for the insurance industry. Most claims in the U.S. are recorded or transmitted on ACORD forms.

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There are �ve parts, or facets, to the ACORD Framework. Each facet has one or more relationships to the others, and they collectively represent di�erent views of the business of insurance. This combination of deliverables not only makes using ACORD standards easier, but will also open new doors to innovation.

The buildingblocks for

insurance systems

What insurancecompanies do

Logical persistencemodel based on theinformation model

The relationshipsamong insurance

concepts

Listing and de�nation ofthings that are important

to the business.

5 What is an Insurance Capability Model? How is it bene�cial?

The Insurance Capability Model provides the "inventory" of insurance industry capabilities. Some capabilities are unique to a domain or can be shared across domains (Property & Casualty, Life & Annuity or Reinsurance).

An example of a shared capability is "Underwriting". Still other capabilities are used across the entire enterprise and are packed into the Enterprise Services top-level capability.

ACORD’s Insurance Capability Model is one of �ve speci�c components that collec-tively create the ACORD Standards Framework. These components establish an architectural foundation that enables companies to build their overall business architectures and gain competitive advantage. ACORD’s Insurance Capability Model de�nes insurance industry business capabilities and is used by ACORD members and the industry to accomplish the following goals:

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• Identify the common and unique industry capabilities and areas for ACORD Standards asset reuse• Provide the basis for the definition of business process models and business process service de�nitions • Identify where existing ACORD Standards can be leveraged and where opportunities exist for further development of ACORD Standards

The below capability diagram is adopted from ACORD (www.acord.org)

• Meet the business needs (function and ROI) • Respond to business changes• Are more cost effective

Does Insurance Analytics pack have a Predictive Analytics edge to it?

• Optimizing products and pricing• Acquiring new customers• Retaining existing customers • Performing sophisticated campaign management• Detecting fraudulent claims• Estimating outstanding loss reserve

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ACORD ensures that the IT solution(s):

Predictive analytics can help insurance �rms in business practices such as:

Hexaware has built specialized Predictive Analytics components that can becustomized for speci�c customer situations.

<capability> <capability> <capability> <capability> <capability>

<capability> <capability> <capability> <capability>

Capabilities - Top Level

Business Management

Claims Customer Service

Finance Product

Channel Management

Contract Administration

EnterpriseServices

Marketing

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Mobile BI - Insurance Analytics, is it there yet?

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• Better & faster business decisions• Support for on-demand, ad hoc, self-service operational reports• More effective management• Real time access to the organization KPI’s and decision making on the go

All this information sounds too good to be true. Can I access thisapplication right now to get a feel for its functionality?

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Hexaware’s Insurance Analytical pack is mobile enabled to provide

• http://www.acord.org/Pages/default.aspx• http://www.acord.org/resources/framework/Pages/default.aspx• http://hexaware.com/insurance-analytics.htm

Suggested Reading:

http://115.69.80.170:443/analytics/saw.dll?Dashboard&NQuser=Autoclaimuser&NQPassword=Autoclaimuser.

Thank you for reading our E- Book, in case you have any queries please write back to us at corporatemarketing@hexaware.com

To keep up with the industry’s latest trends in BI/ DW please visit our blogs @ http://blogs.hexaware.com/index/business-intelligence

For more information on our BI&A services please visit us at http://hexaware.com/business-intelligence-analytics.htm

Our Business Intelligence & Analytics solutions help you transform into a dynamic enterprise through actionable intelligence. We have more than 50 patent pending innovations which help you with faster & e�cient deployment & over 85 plus satis�ed customers across diverse industries. From consulting, articulation and development, to deployment and support, Hexaware can architect and implement data warehouses and BI systems, employing solution accelerators, process frameworks and jumpstart analytical kits, for any part of your business process.

Business Intelligence & Analytics